Interswitch reports 50% revenue growth, reaching ₦137 Billion in 2024
Interswitch’s revenue jumped 50% to ₦137.5b in 2024 as Verve crossed 100m cards and the group saw a significant boost in profitability.
Interswitch’s revenue for the year ended March 2025 surged to ₦137.5 billion in 2024, up 50% from the previous year, per their regulatory filing on Companies House.
As in prior years, Nigeria remained the primary revenue source for the group, contributing 90% of total revenue, a slight decrease from 94% in 2024. The remaining revenue came from operations in Mauritius, the United Kingdom, and East Africa (Kenya & Uganda).
Revenue was broken down into two broad categories: transaction and non-transaction income. Transaction revenue — covering its card scheme Verve, payments, and telecoms (airtime and bulk SMS) — accounted for 75% of total revenue.
Within that mix, Verve recorded 39% growth and contributed 32% of the group’s revenue, while core transactions accounted for 39% of the group’s revenue, marking a 43% increase over the previous year. Non-transaction revenue grew 81% year-on-year to reach ₦34.3 billion.
The turnaround is stark compared with 2023, when Interswitch posted a ₦1.7 billion loss before tax, largely due to foreign exchange volatility in Nigeria and chargeback fraud. In 2024, that reversed significantly. Pre-tax profit climbed to ₦23 billion, profit after tax reached ₦14.7 billion, and gross profit stood at ₦125.8 billion.
Over the past year, Interswitch also made moves beyond its core payments business. In May 2025, it secured final approval from the Central Bank of Nigeria (CBN) for a mobile-money operator licence for its subsidiary M-Kudi. Meanwhile, in October 2024, the group sold its 20% stake in Gamswitch for ₦1 billion, and its East Africa arm exited its stake in Pesatransact, a merchant-focused digital platform.
The company also began a restructuring exercise in line with CBN regulations. The process will separate its core infrastructure business from its consumer-facing financial services business and will involve the creation of a specialised Payment Service Holding Company (PSHC) for which it has already secured an operating licence.
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